Answer the following statements true (T) or false (F)
1) Trade secrets confer more robust protection that patents.
2) A patent request will meet the nonobviousness condition if it is not obvious to a person with ordinary skill working in the area.
3) In the absence of patent rights, society can still achieve the optimal amount of innovation.
4) Trade secrets do not need governmental approval to protect it.
5) An important difference between a patent and a trade secret is that a patent holder must disclose the workings of the patent and the trade secret owner is not required to disclose the trade secret.
1) FALSE
2) TRUE
3) FALSE
4) TRUE
5) TRUE
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A perfectly competitive firm sells 15 units of output at the going market price of $10. Suppose its average fixed cost is $15 and its average variable cost is $8. Its contribution margin (i.e., contribution to fixed cost) is
A) $30. B) $150. C) $105. D) Cannot be determined from the above information
If disposable income decreases from $1800 to $1500 and MPC = 0.75, then saving will:
A. Increase by $225 B. Decrease by $225 C. Increase by $75 D. Decrease by $75